Conventional systems for account management generally lack a holistic approach. Such conventional systems have poor customer data integrity and fail to provide adequate customer insight. They may also provide primitive workflows that are primarily manual, and may be lacking in standardization and codified best practices. Often, information is resident in multiple, isolated systems and paper files, and lacks consistent organization. Information formats may be primarily document-based and, therefore, provide little opportunity for digitization. Customer service may be infrequent and may enable poorly managed customer interactions, limited self-service capabilities, and undifferentiated customer and producer servicing approaches. Finally, these systems lack real-time measurement mechanisms for profit and service performance analysis, but instead include highly manual producer management processes.
In the field of insurance underwriting, the systems that support and enable the related activities have a particularly acute problem with regard to account management. In addition to the issues previously discussed, insurance underwriting has several other issues that result from the lack of a holistic approach to account management. For example, insurance underwriting includes tasks, such as the ordering of credit reports or loss control surveys that are reactive in the application/underwriting review process. Additionally, working interfaces with other systems, such as agency management systems, often do not exist. Further, viable data feeds into policy rating/issuance systems are often lacking. As a further complication, underwriting appetites also are not clearly articulated or consistently executed because conventional systems provide limited executional capabilities supporting account and activity management. In addition, they also lack rigorous segmentation methodologies to develop unique approaches to product and underwriting rules.
Accordingly, there is a need for an improved system and data structure for account management.